KARACHI: While addressing at Karachi Stock Exchange, Asad said that Pakistan is moving towards bankruptcy. He states that Pakistan is in huge financial crisis and the government needs to take steps for this.
The strict control which was applied on the imports faced a lot of criticism thus Asad justified these strict measures by saying that imports are important for Pakistan but if the imports are not restrained, the 220 million Pakistanis would suffer.
Asad Umar made a clear choice when he chose the 220 million Pakistanis over the traders of Pakistan.
Asad said that the trade business is good for Pakistan but it has to be done within a limit and capacity. To support this statement he gave an example of a new person in the stock market trying to do business on the level of the experienced like Arif Habib.
Asad also addressed the increased dollar rate issue and said that Pakistan would be facing a 100-200% devaluation in the rupee.
The shopkeepers who deal with the imported products were assured by Asad Umar as he said that their shops would not be shut but the imported products would be less in number and therefore the profit would be less too.
The finance minister also said that Pakistan needs to adjust and take measures to reduce the current account of deficiency and under-supply.
The actual figures of the deficit of September 2018 would be released on Monday or Tuesday.
Umar also said that the real estate market needs to be fixed and it should be changed fundamentally.
Asad Umar, during a speech at Karachi Stock Exchange, stated that this will be the 13th and the last IMF program of Pakistan.
An IMF team is also to arrive in Pakistan in early November to being with the negotiations.